UPDATE: 'Skins Owner Punts Libel Suit Against Washington City Paper

Image by Getty Images via @daylifeMaybe he's just feeling giddy over defeating the favored New York Giants 28-14 on Sunday, but Washington Redskins owner Daniel Snyder has ended his seven-month war against the Washington City Paper, parent Creative Loafing (both owned by the Atalaya Capital Management LP hedge fund) and writer Dave McKenna, dropping his $2 million libel suit over The Cranky Redskins' Fan Guide to Dan Snyder article that appeared in the weekly in November 2010 (see "TUOL" posts 6/20/11, 4/27/11, 2/3/11).

Snyder agreed to dismiss the suit and each side agreed to bear its own legal costs and release one another from all future claims, the  Washington Post reports. Snyder sought general and punitive damages against the defendants over the article that chronicled alleged transgressions and public relations embarrassments by the controversial team owner.  City Paper supporters ponied up $34,000 to help the paper defray legal costs, which the defendant said was far exceeded in defense of the suit.